In the first nine months of the year, consolidated sales rose by a further 18%, and earnings per share by 10%.

The investment management services segment (20% of consolidated sales), which includes the Group's software, ESG and indexing activities, saw its revenues rise by 81%, and its operating profit before depreciation and amortization double.

The trading segment (41% of consolidated sales) held up well, with revenues up 7% and EBITDA up 8%, primarily thanks to significant volume increases in derivatives and commodities; equity trading volume, which is almost marginal in the business portfolio, remained stable.

The securities services segment (31% of consolidated sales), i.e. clearing, settlement and trust services, notably via the Clearstream subsidiary, saw its revenues rise by 8% and its EBITDA by 9%, in line with the trading segment.

Finally, the fund administration services segment (8% of consolidated sales) saw its revenues rise by 12%, and its EBITDA by 20%. The overall dynamic is therefore excellent, with the most remarkable growth achieved in the most profitable activities.

As a direct beneficiary of the gradual disappearance of the London financial center, and enjoying near-monopoly status in its various niches, Deutsche Borse enjoyed an exceptional 2013-2023 decade, and saw its earnings per share triple over the period.

In terms of return on equity, it beats its peers on the CME, NASDAQ or LSE hands down. In this respect, it would undoubtedly make sense to exploit a possible valuation trough - whose multiples are currently trading on their historical averages.